The International Swaps and Derivatives Association, Inc. (ISDA) announced that its EMEA Credit Derivatives Determinations Committee resolved that a failure to pay credit event occurred in respect of JSC Alliance Bank, a Kazakhstan bank. The Committee also voted to hold an auction for Alliance Bank.
ISDA will facilitate the process by publishing the auction terms on its website www.isda.org/credit, in due course. The auction will be administered by Markit and Creditex.